Jagan case: ED attaches properties worth Rs 51 cr

The Enforcement Directorate (ED) on Thursday issued attachment orders on properties worth Rs 51 crore in its money laundering case against YSR Congress chief Jagan Mohan Reddy and his associates.

The agency attached more than 13 acres of land of Janani Infrastructure Private Ltd and fixed deposits worth Rs 14.50 crore of Jagati Publication Ltd as "kickbacks allegedly received in lieu of granting favours" to private entities. Both the companies are reportedly owned by Jagan. The attachment order — issued under the stringent provisions of the Prevention of Money Laundering Act — was also against private companies which were "illegally benefited as a result of criminal activity" and illegal sanctions granted during the tenure of Y S Rajasekhara Reddy.

The other properties attached by the agency are 35 acres of land and fixed deposit of Rs 3 crore of Hetero Drugs Ltd, 96 acres of land of APL Research Centre Ltd, a 100 per cent subsidiary of Aurobindo Pharma Ltd, and fixed deposit of Rs 3 crore of Aurobindo Pharma.

The ED said that the probe was revealed that "as a result of the criminal activity, Hetero Drugs and Aurobindo Pharma were illegally benefited by Rs 8.60 crore each in the allotment of 75 acres of land to each of them by the AP government while Trident Life Sciences Ltd was illegally benefited by Rs 4.30 crore in the allotment of 30.33 acre land". These allotments of lands were done "illegally by the state government at a lower rate than the rate fixed by the price fixation committee", the agency said.

The ED found that "in return of this favour, a sum of Rs 14.50 crore was paid to Jagati Publications and Rs 15 crore was paid to Janani Infrastructure Private Ltd". The ED alleged, "These payments to Jagan's companies were made in the form of equity contribution, which was, in fact, kickback for the favours done by the state government."

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